Inflection points coming into view

Cereno Scientific’s FY25 results mark a strategically productive period, with multiple value inflection points coming into focus in FY26. With the Phase IIb start for lead asset CS1 expected in Q226, we anticipate a step-up in clinical activity and partnering momentum. We view CS014’s pivot to PH-ILD from IPF as a rational move given the increasingly crowded IPF landscape and the more attractive, underpenetrated PH-ILD market, where treatment options remain limited. Importantly, CS014’s anti-fibrotic and reverse-remodelling profile is well aligned with PH-ILD pathobiology and could offer meaningful differentiation, Recent regulatory clearance for a Phase I PK study, circumvents the need for additional safety and Phase IIa studies and exp...